The age at which you claim Social Security impacts the size of your benefits. While you can start collecting Social Security as young as 62, the longer you wait, up until full retirement age, the bigger the benefits you will receive.
To help illustrate this, The Motley Fool put together a chart showing the average monthly Social Security benefit paid to retired workers aged 62 to 80. The average 62-year-old retired worker receives $1,424 per month in Social Security benefits, with the amount steadily increasing until age 70. The average 70-year-old retired worker receives $2,275 per month, after which the average benefit amount slowly starts decreasing.
Council of Seniors is Here to Help Older Americans
Older Americans worked long and hard and deserve to live a comfortable retirement without financial strain.
The Council of Seniors wants to improve retirees’ financial futures, and we believe the best way to do that is for Congress to enact The SAVE Benefits Act. Passage of this bill can make up for Social Security cost-of-living adjustments (COLAs) that have let seniors down in recent years. If it passes, $581 will be returned to eligible retirees.
Sign our petition right now to show you’re on board with our effort.